After acquiring all the issued shares in the top level, the Agency completes acquisition of high-growth east coast real estate firm Top Level Real Estate Pty Ltd. Through a share placement complete, the company completes capital raising of $8.4 million via a share. One of the fastest growing national real estate companies in Australia, transaction makes the Agency.
Upon completion of the acquisition, Mr. Matt Lahood commences as an Executive Director of the agency now comprises a national real estate business having two prominent brands with 293 number of agents and 1121 number of properties sold and $1.2 billion value of properties sold and 4,209 properties under management and 1,394 listings. The group revenue is at $24.5m as of December 31, 2018.
With the ability to materially grow the number of agents and properties under management with limited capital expenditure or increase in corporate overheads business has been built for scale. Across Australia who is attracted to disruptive model, inquiries continue from agents and real estate firms. The agency WA has achieved approximately 4.5% market share in WA within two years of establishment and is targeting 30% growth in FY2019.
To advise the acquisition of all the issued shares in high-growth east coast real estate firm Top Level Real Estate Pty Ltd by The Agency’s wholly-owned subsidiary Ausnet Real Estate Services Pty Ltd. with all conditions precedent to the transaction having been satisfied has now been completed.
With offices in Melbourne and the Gold Coast and plans to expand into Brisbane, Canberra, the company has a strong footprint in the Perth and Sydney residential property markets Canberra and further expand its Western Australian operations.
The company confirms that it has issued 64,673,333 shares and 333,333 options. The residential sales and management division of the Vicus Property Group, the Agency is pleased to announce the acquisition of Vicus Residential. The company made the $75,000 cash payment as payment for all of Vicus Residential’s issued shares and has completed the issue of 2,666,667 shares, after receiving shareholder approval on 15 November 2018.
Increasing total property management on The Agency’s books to approximately 800 in the state, the acquisition sees The Agency’s WA operations grow by four staff and add more than 200 rental properties predominantly in the inner city of Perth.
The Agency Group Australia (ASX: AU1) last traded at on January 10, 2019. As of January 18, 2019, the company’s share price stood at $0.140. In five years the company has performed more than 50.84% higher.
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